trending Market Intelligence /marketintelligence/en/news-insights/trending/wLkmhq0MBYj8bULw-FUiMA2 content esgSubNav
In This List

Investment losses help push Progressive's net income down 36% YOY in August

Blog

The Big Picture 2022 Insurance Industry Outlook

Podcast

Next in Tech | Episode 37: Insurance impacts on technology and vice versa

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


Investment losses help push Progressive's net income down 36% YOY in August

Progressive Corp.'s net income attributable to the company fell 36% to $175.9 million in August from $274.7 million a year earlier.

Net income per share available to common shareholders slid year over year to 30 cents from 46 cents. The company booked total pretax net realized losses on securities of $33.7 million versus a $76.4 million gain in the prior-year period.

Net premiums written climbed 13% to $2.92 billion from $2.59 billion, while net premiums earned went up 14% to $2.78 billion from $2.45 billion in August 2018.

Personal lines policies in force went up 9% to about 19.1 million from approximately 17.4 million a year ago. Personal auto policies in force increased 11% to about 14.5 million from approximately 13 million a year earlier. Companywide, policies in force rose 10% to about 21.9 million from nearly 20 million in August 2018.

The combined ratio worsened slightly year over year to 93.4% from 92.3%.